NayaPay granted EMI licence

KARACHI: NayaPay has been granted commercial approval to operate as the first Electronic Money Institution in Pakistan - after a yearlong pilot and inspection by State Bank of Pakistan (SBP), a statement said on Wednesday.

NayaPay currently offers consumers a digital wallet with Visa debit cards for everyday payments.

According to the statement, the commercial approval will allow the full-scale launch of the NayaPay consumer app that empowers users with a digital wallet on the smartphone and gives users the control of their money anytime, anywhere.

Users can now enjoy fast money transfers between friends using an incredibly user-friendly chat interface. Additional features include splitting bills, chipping into a money pool for a common purpose, purchasing mobile top-ups, and transferring funds to any bank account or wallet in Pakistan, it adds.

It said it was aimed at addressing the needs of underbanked citizens - enabling them to create a wallet account within a few minutes on their smartphones through their CNICs.

On sign-up, users are issued a Visa virtual card right on their phone for online purchases on popular international websites such as Amazon, AliExpress, Facebook, and Netflix. NayaPay users would also be able to order a physical Visa debit card for free delivered to them at their doorstep and use it to transact with over 46 million merchants across the world.